China’s current leader, Xi Jinping, is seeking to set himself up as ruler for life by abolishing the two-term limit of presidency. This rule was written into China’s constitution in 1982 – six years after Mao Zedong’s death.
“He’s now president for life. President for life. No, he’s great,” Trump said.
“And look, he was able to do that. I think it’s great. Maybe we’ll have to give that a shot some day.” Does Trump really love the idea?
An editorial in the People’s Daily, the Communist party’s official mouthpiece, claimed the move was aimed at “modernising China’s system and capacity for governance”. Amendments to China’s constitution will ensure the long-term stability of the party and the country, it said. No surprise that Xi’s party supports him.
The Harvard University professor said he believed Xi – with the military’s backing – is so dominant that it is possible to imagine his portrait being hung beside that of Mao in Tiananmen Square in the not-too-distant future.
“I think Xi Jinping at some stage might well say: ‘We have got to hammer home that Chairman Mao was the founder, but I am the continuer … [and] by putting my picture there … people will know we have these two legacies: the Chairman’s, which established the republic, and mine, which rejuvenated the republic.”
Liberals are aghast. “But there is nothing much they can do … As Stalin might have said: ‘How many divisions do they have?’”
How does Xi affect China’s economy?
Jinping and his Communist Party mates coined the phrase “Chinese Dream” to describe his overarching plans for China as its leader. Since 2013, the phrase has emerged as the distinctive quasi-official ideology of the party leadership under Xi Jinping, much as the ‚Scientific Outlook On Development‘.
So far, China has encouraged the growth in new service industries like e-commerce and financial technology.
China’ two biggest e-commerce platforms Alibaba and LD.com racked up $44bn in gross merchandise value during Singles Day sales promotion in November last year. The haul symbolizes the explosive growth in online sales in China, which last year were twice that of the US.
More than 30 percent of the Chinese population already using Internet payment systems.
Fintech is among Chinese as China’s Internet finance industry has boomed in recent years. Internet attackers, or ‘barbarians from the outside’ have established comprehensive multilicensed financial ecosystems. They differ from each other by core businesses or target groups. As one of the largest e-commerce companies globally, for example, Alibaba used its e-commerce business as a foundation of its financial empire, first entering into the payments sector before expanding into financing and wealth management, with an emphasis on hundreds of millions of individual and small- to medium-enterprise (SME) customers. Tencent took another route, expanding beyond the powerful social nature of its WeChat platform, which is the What’s App equivalent only available in Asia, to build a consumer-oriented financial network that taps into its huge user base. On What’s App you can‘t send or receive money but on WeChat even this is possible.
Even traditional financial institutions such as Ping An Insurance Group are strategically entering the sector through subsidiaries including Lufax, Pinganfang, and Ping An Puhui. In addition, large commercial banks are acting: for example, China Construction Bank and Industrial and Commercial Bank of China are now building their own e-commerce platforms.
Opponents claim that inefficiencies and vested interests abound in traditional sectors like health care and public education. If China wanted to move out of its middle income status, it would seek a strong, reform-oriented leader. In my opinion the middle income status still arises from the huge population rate.
China’s economic growth was mostly driven by private consumption expenditures. Sales revenue increased by 10.2 percent in retail and by 6.6 percent in industrial production. Tangible investments increased by 7.2 percent to the year 1999 level.
Furthermore, Xi seems to be reform-oriented. In his 3,5 h talk at the opening of the 19th National Congress of the Chinese Communist Party in October last year, Xi Jinping emphasized that China’s annual GDP in the first five years of his tenure rose from $ 8.2 trillion to $ 12 trillion, making it one-third of global growth.
In 2017, China‘s economic growth marked 6.9% in its GDP.
Thus, the growth rate of the second largest economy in the world, which is about to cross the US, was three times higher than the EU‘s number one, which is Germany. Germany’s growth rate in 2017 was 2.2 percent.
Xi also announced that 13 million new jobs are created each year in cities, reminding 60 million people of poverty.
Xi is also improving the relationship to South Korea, while China-Japan relations have soured under Xi Jinping’s administration.
Xi has called China – United States relations in the contemporary world a “new type of great-power relations”. Xi said, “If China and the United States are in confrontation, it would surely spell disaster for both countries”. Although Trump has often praised Xi, he told Reuters in January the United States were considering a big “fine” as part of a probe into China’s alleged theft of intellectual property. He has been critical of China’s trade policies. This reaction shows that China is a huge threat for the US.
On the other hand, Xi has cultivated stronger relation to Russia, particularly in the wake of the Ukraine Crisis of 2014.
Xi seems to have developed a strong personal relationship with President Vladimir Putin, both of whom are viewed as strong leaders with a nationalist orientation who are not afraid to assert themselves against Western interests. Under Xi, China signed a $400 billion gas deal with Russia; China has also become Russia’s largest trading partner.
In spite of what seemed to be a tumultuous start of Xi Jinping’s leadership vis-à-vis the United-States, on 13 May 2017 Xi said at the Belt and Road Forum in Beijing: “We should foster a new type of international relations featuring ‘win-win cooperation’‘ […] All countries should respect each other’s development path and its social systems, and respect each other’s core interests and major concerns […]”
This means that Xi is gonna do his own thing cooperating with strategic partners in the future. What do you think about China‘s power nowadays?
Written by Mevy